Oil prices rise after EU bans most Russian crude imports

Oil prices rose on Tuesday after the European Union agreed to slash oil imports from Russia by the end of 2022, fuelling worries of a tighter market already strained for supply amid rising demand ahead of peak US and European summer driving season.

Brent crude futures for July, which expires on Tuesday, gained 33 cents to $122 a barrel at 0054 GMT. The more active August contract rose 33 cents to $117.93. US West Texas Intermediate (WTI) crude futures were trading at $117.31 a barrel, up $2.24 from Friday's close. There was no settlement on Monday due to a US public holiday.